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(Update) U.K. Fund CVC Capital Offers to Buy Toshiba

(Update) U.K. Fund CVC Capital Offers to Buy Toshiba

   Tokyo, April 7 (Jiji Press)--British investment fund CVC Capital Partners has offered to acquire major Japanese electronics and machinery maker Toshiba Corp. <6502>, informed sources said Wednesday.
   The fund aims to take Toshiba private to thoroughly revamp the firm's governance system and help speed up its decision-making by fending off pressure from activist shareholders, the sources said. The acquisition may cost CVC Capital over 2 trillion yen, according to the sources.
   "We have received (an acquisition offer from CVC Capital)," Toshiba President Nobuaki Kurumatani told reporters Wednesday, suggesting that the company will discuss the proposal at its board meeting in the day. He previously served as chairman of CVC Capital's Japanese unit.
   Toshiba said in a statement the same day that it received an "initial proposal" from CVC Capital on Tuesday, adding that it will ask for "further clarification" from the fund and give "careful consideration" to the buyout proposal.
   After working out specifics, CVC Capital plans to make a detailed proposal to acquire Toshiba and launch a tender offer for the company, the sources said. CVC Capital is also considering calling on other investment funds to join the buyout scheme.

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AFP-JIJI PRESS NEWS JOURNAL


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